China Petroleum and Chemical Corp. and Saudi Basic Industries Corp. have been given the go-ahead to start construction of an ethylene project in the Tianjin Municipality. Sinopec and SABIC will each hold a 50% stake in the project which is designed with annual ethylene production capacity of 1 million tonnes. Last June, the two companies signed a framework agreement to develop the project for estimated investment of CNY 26.9 billion.
